Business
PRELIMINARY RESULTS FOR THE YEAR END 31 MARCH 2024
PRELIMINARY RESULTS FOR THE YEAR END 31 MARCH 2024.
About this update from Accsys Technologies Plc
[{"type":"text","content":"\n\n \n \n \nAIM: AXS\nEuronext Amsterdam: AXS\n \n26 June 2024\n \nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION\n \n \nAccsys Technologies PLC\n(\"Accsys\", the \"Group\" or the \"Company\")\n \nPreliminary results for the year ended 31 March 2024\n \nResilient Q4 performance with strategic progress on Accoya USA and operational transformation programme\n \n \n\n\n\n\n\n\n\n \n\n\nYear to 31 March 2024 \n\n\n \nYear to 31 March 2023\n \n\n\n \nYear to\n31 March 2022\n\n\n \n% 23-24 Change \n \n\n\n\n\nRevenue\n \n\n\n \n\n\n€136.2m\n\n\n€162.0m\n\n\n€120.9m\n\n\n(16%)\n\n\n\n\nGross profit\n \n\n\n \n\n\n€40.9m\n\n\n€55.2m\n\n\n€36.0m\n\n\n(26%)\n\n\n\n\nGross margin\n\n\n \n\n\n30%\n\n\n34%\n\n\n30%\n\n\n\n\n\n\n\nAdjusted EBITDA1\n \n\n\n \n\n\n€4.8m\n\n\n€22.9m\n\n\n€10.4m\n\n\n(€18.1m)\n\n\n\n\nPeriod end net debt\n\n\n \n\n\n(€37.1m)\n\n\n(€44.1m)\n\n\n(€27.2m)\n\n\n(€7.0m)\n\n\n\n\nAccoya sales volume\n\n\n \n\n\n56,568m3\n\n\n63,344m3\n\n\n59,649m3\n\n\n(11%)\n\n\n\n\n \n \nFinancial overview\n \n· FY24 results ahead of FY24² consensus - As a result of resilient trading in Q4 FY24 and cost saving initiatives, adjusted EBITDA at €4.8m.\no Full year adjusted EBITDA adversely impacted by: lower sales volumes, increased mix of lower margin sales, a €3m proportional increase in our US Joint venture's EBITDA loss as it progresses its pre-operational activities and a change in accounting method for Hull, with ongoing running costs being treated as operating expenditure.\no Good sales pricing discipline maintained through the year against competitors in a challenging market, resulting in maintenance of high ASP.\n· Revenues at €136.2m - Impacted by lower sales volumes due to high customer inventory levels at the beginning of the financial year combined with a challenging macroeconomic trading environment for the construction and building materials sector, particularly in Q3. Revenues were also impacted by lower volumes and lower average sal...